USDJPY on major support, prepare to buy for a bounce

Buy above 112.44. Stop loss at 111.56. Take profit at 113.53.
Reason for the trading strategy (technically):
Price is seeing major support at 112.44 (Multiple Fibonacci retracements, horizontal overlap support) and we expect to see a strong bounce above this level to push price up to at least 113.53 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,3,1) is seeing strong support above 1.8% where we expect a corresponding bounce from.

Commentaire:

we actually called this trade right before the major bounce. you can see it here : www.mexexchange.com/...-prepare-buy-bounce/

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